XML 23 R9.htm IDEA: XBRL DOCUMENT

RENTAL PROPERTIES

12 Months Ended

Dec. 31, 2025

NOTE 2. RENTAL PROPERTIES

As of December 31, 2025, the Partnership and its Subsidiary Partnerships owned 3,339 residential apartment units in 28 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts. As of February 1, 2026, the Partnership, with the apartment complex totaling 72 units at Mill Street Heights opened for occupancy, had 3,411 apartment units.

Additionally, as of December 31, 2025, the Partnership and Subsidiary Partnerships owned two commercial shopping centers in Framingham, commercial buildings in Newton and Brookline, commercial space in mixed-use properties in Boston, Brockton, Belmont and Newton, and two commercial office buildings in Belmont, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.”

On January 28, 2026, the Partnership sold the two commercial office buildings, totaling approximately 14,000 square feet, for the purchase price of approximately $2,600,000, incurring a loss of approximately $400,000.

The Partnership also owned a 40% to 50% ownership interest in seven residential and mixed use complexes (the “Investment Properties”) at December 31, 2025 with a total of 688 units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments.

Rental properties consist of the following:


		December 31, 2025			December 31, 2024			Useful Life
Land, improvements and parking lots		$	143,883,155		$	101,397,349		15	-	40	years
Buildings and improvements			386,494,391			279,272,215		15	-	40	years
Construction in Progress			37,705,285			16,758,245
Kitchen cabinets			22,554,829			14,187,702		5	-	10	years
Carpets			19,665,364			14,545,300		5	-	10	years
Air conditioning			500,000			500,000		5	-	10	years
Laundry equipment			129,450			475,931		5	-	7	years
Elevators			1,885,265			1,885,265		20	-	40	years
Swimming pools			1,090,604			1,090,604		10	-	30	years
Equipment			23,450,788			21,911,223		5	-	30	years
Motor vehicles			203,009			236,697				5	years
Fences			147,000			101,506		5	-	15	years
Furniture and fixtures			18,293,250			9,047,454		5	-	7	years
Total fixed assets *			656,002,390			461,409,491
Less: Accumulated depreciation			(194,614,338)			(182,892,842)
* Includes Real Estate Assets held for sale		$	461,388,052		$	278,516,649


							Cost
			Initial Cost to				Capitalized		Gross Amount at Which								Years
Property Name	Encumbrances		Partnerships(1)				Subsequent to		Carried at Close of Period								Built/	Depreciable
Type	(First				Buildings		Acquisition(2)				Buildings				Accumulated		Redecorated	Lives
Location	Mortgages)		Land		Improvements		Improvements		Land		Improvements		Totals		Depreciation		Date Acquired	Years
Boylston Downtown L.P. Residential Apartments Boston, Massachusetts	$	32,160,432	$	2,112,000	$	8,593,109	$	11,699,220	$	2,268,528	$	20,292,329	$	22,560,857	$	16,107,160	July 1995	(3)
Brighton 26 & Concord 90 NERA LLC Belmont,Massachusetts		—		1,119,253		—		1,489,273		1,119,253		1,489,273		2,608,526		—	June 2025	(3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts	$	6,175,000	$	684,000	$	3,116,000	$	1,128,124	$	684,000	$	4,244,124	$	4,928,124	$	3,230,369	Oct. 2000	(3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire	$	10,704,080	$	177,610	$	1,478,359	$	2,572,805	$	177,610	$	4,051,164	$	4,228,774	$	2,676,852	Sept. 1977	(3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts	$	9,608,410	$	342,000	$	1,367,669	$	2,890,790	$	342,000	$	4,258,459	$	4,600,459	$	2,052,793	July 1995	(3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts	$	59,987,234	$	1,410,000	$	5,664,816	$	7,675,415	$	1,410,000	$	13,340,231	$	14,750,231	$	8,405,818	July 1995	(3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts	$	7,616,967	$	91,400	$	740,360	$	4,063,277	$	91,400	$	4,803,637	$	4,895,037	$	2,002,586	Sept. 1977	(3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts	$	3,485,948	$	1,341,737	$	8,457,497	$	587,958	$	1,341,737	$	9,045,455	$	10,387,192	$	5,085,821	Jun. 2011	(3)
Hamilton Cypress LLC Commercial- 1031 Exchange Brookline,Massachusetts	$	—	$	2,362,795	$	4,613,786	$	405,972	$	2,362,795	$	5,019,758	$	7,382,553	$	2,244,555	Oct. 2008	(3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts	$	30,442,405	$	15,413,457	$	45,435,317	$	(7,813,386)	$	15,413,457	$	37,621,931	$	53,035,387	$	20,053,644	Jul. 2013	(3)
Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts	$	20,511,229	$	7,973,547	$	26,104,062	$	(3,300,544)		7,973,547	$	22,803,518	$	30,777,066		7,145,785	Mar. 2018	(3)
Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts	$	—	$	984,522	$	2,551,647	$	218,097	$	984,522	$	2,769,744	$	3,754,266	$	1,274,466	Nov. 2007	(3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts	$	28,712,824	$	2,245,236	$	12,254,764	$	7,991,814	$	2,245,236	$	20,246,578	$	22,491,814	$	15,856,402	Dec. 1999	(3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts	$	4,084,284	$	156,000	$	634,085	$	460,284	$	156,000	$	1,094,369	$	1,250,369	$	906,087	Dec. 1996	(3)
Hill Estates NERA, LLC , Belmont,Massachusetts	$	67,656,000		41,136,002		128,923,609		—		41,136,002	$	128,923,609		170,059,611		4,658,889	June 2025	(3)
Linhart L.P. Residential / Commercial, Newton, Massachusetts	$	—	$	385,000	$	1,540,000	$	1,572,005	$	385,000	$	3,112,005	$	3,497,005	$	2,568,076	Jan. 1995	(3)
Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts	$	30,463,392	$	12,689,705	$	40,677,685	$	(1,738,867)		12,689,705	$	38,938,818	$	51,628,522		11,564,674	Dec. 2019	(3)
Mill Street Heights,Woburn, Massachusetts	$	17,500,000	$	1,376,031	$	1,123,969	$	32,356,178		1,376,031	$	33,480,147	$	34,856,179		—	Dec. 2019	(3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts	$	9,732,984	$	1,516,015	$	5,697,465	$	2,063,495	$	1,516,015	$	7,760,960	$	9,276,975	$	6,136,579	Jun. 2002	(3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts	$	16,628,581	$	1,200,620	$	3,497,393	$	2,599,330	$	1,200,620	$	6,096,723	$	7,297,343	$	5,569,122	July 1995	(3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts	$	10,254,456	$	77,454	$	847,050	$	1,307,232	$	77,454	$	2,154,282	$	2,231,737	$	1,630,457	Sept. 1977	(3)
Redwood Hills L.P. Residential Apartments Worcester,Massachusetts	$	19,558,674	$	1,278,412	$	4,732,192	$	7,055,666	$	1,278,412	$	11,787,858	$	13,066,270	$	8,989,442	July 1995	(3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts	$	20,750,000	$	7,755,055	$	23,446,875	$	797,815	$	7,755,055	$	24,244,690	$	31,999,745	$	9,588,584	Sept. 2015	(3)
River Drive L.P Residential Apartments Danvers, Massachusetts	$	7,138,950	$	109,697	$	550,605	$	2,651,262	$	109,697	$	3,201,867	$	3,311,564	$	1,457,941	Sept. 1977	(3)
Riverside Apartments Condominium Units Watertown Massachustts	$	—	$	23,346	$	190,807	$	168,295	$	23,346	$	359,102	$	382,448	$	330,965	Sept. 1977	(3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts	$	26,917,222	$	4,686,728	$	18,746,911	$	1,107,449	$	4,686,728	$	19,854,360	$	24,541,088	$	15,042,100	Apr. 2003	(3)
WRF Associates LLC Strip Mall Framingham, Massachusetts	$	6,499,565	$	3,280,000	$	4,920,000	$	1,172,297	$	3,280,000	$	6,092,297	$	9,372,297	$	4,550,683	May 1999	(3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts	$	17,151,791	$	1,719,517	$	7,180,984	$	4,008,498	$	1,719,517	$	11,189,482	$	12,908,998	$	9,418,754	Dec. 1999	(3)
Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts	$	5,446,485	$	191,275	$	4,332,377	$	366,132	$	191,275	$	4,698,509	$	4,889,784	$	3,763,851	Sept. 2004	(3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts	$	40,893,829	$	521,495	$	2,364,441	$	7,726,426	$	521,495	$	10,090,867	$	10,612,362	$	7,077,944	Sept. 1977	(3)
Woodland Park Apartments LLC Residential Apartments Newton Massachusetts	$	20,949,816	$	11,754,450	$	33,234,878	$	(3,005,144)	$	11,754,450	$	30,229,734	$	41,984,185	$	10,869,761	July 2017	(3)
653 Worcester Rd, Framingham,Massachusetts	$	—	$	3,415,051	$	4,496,849	$	1,218,488	$	3,415,051	$	5,715,337	$	9,130,389	$	1,340,878	Jan.2023	(3)
Shawmut Place LLC Boston, Massachusetts	$	—	$	7,297,401	$	12,249,725	$	7,758,108	$	7,297,401	$	20,007,833	$	27,305,234	$	3,013,300	July.2023	(3)
	$	531,030,558	$	136,826,811	$	419,765,286	$	99,253,764	$	136,983,339	$	519,019,050	$	656,002,391	$	194,614,338

(1)	The initial cost to the Partnerships represents both the balance of mortgages assumed in September 1977, including subsequent adjustments to such amounts, and subsequent acquisitions at cost.

(2)	Net of retirements.

(3)	In 2025, rental properties were depreciated over the following estimated useful lives.


Assets		Life
Buildings and Improvements		10	-	40	years
Other Categories of Assets		5	-	15	years

A reconciliation of rental properties and accumulated depreciation is as follows:


		December 31,
		2025			2024			2023
Rental Properties
Balance, Beginning		$	461,409,491		$	440,496,897		$	400,703,910
Additions:
Buildings, improvements and other assets			182,812,382			10,314,913			43,680,497
Construction in Progress			20,947,040			14,939,529			1,818,716
			665,168,913			465,751,339			446,203,123
Deduct:
Write-offs of retired or disposed assets			8,766,522			4,341,848			4,580,382
Impairments			400,000			—			1,125,844
Balance, Ending		$	656,002,391		$	461,409,491		$	440,496,897
Accumulated Depreciation
Balance, Beginning		$	182,892,842		$	170,691,951		$	159,627,479
Add:
Depreciation for the year			20,488,018			16,542,739			15,799,589
			203,380,860			187,234,690			175,427,068
Deduct
Accumulated depreciation of retired or disposed assets			8,766,522			4,341,848			4,580,382
Impairments			—			—			154,735
Balance, Ending		$	194,614,338		$	182,892,842		$	170,691,951

On November 30, 2021, New England Realty Associates Limited Partnership (the “Partnership”), entered into a Master Credit Facility Agreement ( the “Facility Agreement”) with KeyBank National Association (“KeyBank”) dated as of November 30, 2021, with an initial advance in the amount of $156,000,000. Interest only on the debt at a fixed interest rate of 2.97% is payable on a monthly basis through December 31, 2031. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages”).

The Partnership used the proceeds to pay down approximately $65,305,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties, which was included in Other Loss in the Consolidated Statements of Income. The remaining balance of approximately $89,000,000 will be used for general partnership purposes.

On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement. The additional advance under the Amended Agreement is in the amount of $80,284,000, at a fixed interest rate of 4.33%, payable on a monthly basis through July 31, 2032. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings.

The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $834,000 in prepayment penalties. The remaining balance of approximately $42,404,000 was available for general partnership purposes.

On July 14, 2023, the Partnership purchased a 52 unit mixed use property in the South End neighborhood of Boston, MA comprised of three buildings at 26-30 Rutland Street, 105-117 West Concord Street and 475 Shawmut Avenue, and approximately 3,400 square feet of commercial space for a purchase price of approximately $27,500,000. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $81,000. From the purchase price, the Partnership allocated approximately $525,000 for in-place leases, approximately $61,000 to the value of tenant relationships and $241,000 to the value of below-market leases. These amounts were being amortized over 12 and 36 months respectively.

On June 18, 2025, the Partnership, through its subsidiaries, purchased a mixed-use property comprising 396 residential units, and two commercial office buildings, in Belmont, Massachusetts for $175,000,000. Closing costs were approximately $218,000. The property acquisitions were financed through proceeds from the sale of U.S. Treasury bills, additional borrowings on the Master Credit Facility of $40,000,000, and proceeds of an interim mortgage loan of $67,500,000. On December 30, 2025, the Partnership refinanced the bridge loan with a $67,656,000 loan under the Facility Agreement. From the purchase price, the Partnership allocated approximately $4,714,000 for in-place leases, approximately $305,000 to the value of tenant relationships and $1,165,000 to the value of below-market leases. These amounts are being amortized over 12 and 36 months respectively. On January 28, 2026, the Partnership sold the two commercial office buildings, totaling approximately 14,000 square feet, for the purchase price of approximately $2,600,000, incurring a loss of approximately $400,000.

In December, 2023, the Partnership received approval from MassHousing to construct a 72 unit apartment building in accordance with Chapter 40B to include 17 affordable units on the Mill Street Development site. In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project. The Partnership demolished the existing building structures in order to start construction in 2024. With the vacating of tenants, and the resulting loss of future cash, Management recorded an impairment charge in 2023 of approximately $971,000, the net book value of the building for the Mill Street Development property.

On December 29, 2023, the Partnership signed a contract with a general contractor, NEI General Contracting, Inc., for the construction of the Mill Street Development project, located at 57 Mill Street in Woburn, MA for approximately $29,700,000. The Partnership incurred approximately $16,959,000 in construction costs for the project in 2025. Total investment as of December 31, 2025 was approximately $35 million.On December 23, 2025, the Partnership closed a $17,500,000 loan with Brookline Bank at an interest rate of 5.67% interest only with a two year term.